William Hill agrees ₤ 2.9 bn takeover by Caesars Palace owner

Caesars Entertainment, the Las Vegas casino-owner, has actually struck a ₤ 2.9 bn deal to take over UK betting company William Hill.

The boards of the US company and William Hill agreed a money bet9ja's welcome offer of 272p a share topic to investors voting in favour.

US personal equity company Apollo had actually also tried to take control of William Hill.

But Caesars stated that if the UK business chose Apollo, it would jeopardise a joint venture between them.

Caesars owns a 20% stake in William Hill's US operations, which likewise have unique rights to run sports betting under the Caesars brand name.

The US company, which owns Caesar's Palace in Las Vegas, is particularly interested in William Hill's US bookmaking company which presently has 170 retail sites in 13 different states.

In August William Hill stated it would not be resuming 119 of its UK High Street wagering stores after the coronavirus shutdown, stating it did not expect consumers to return in the numbers seen before the pandemic.

William Hill said its directors would "unanimously and unconditionally" advise that investors accept the deal.

The Caesars Palace owner intends to discover other owners for William Hill's non-US businesses, including its more than 1,400 UK wagering shops.

It stated it would incorporate the US service into Caesars with minimal job cuts.

The contract comes right after William Hill said it was inclined to suggest Caesars' deal.

Roger Devlin, chairman of William Hill, said: "The William Hill board believes this promotion code is the best option for William Hill at an attractive cost for shareholders."

Caesars primary executive Tom Reeg stated: "The chance to combine our land based-casinos, sports wagering and online video gaming in the US is a genuinely amazing prospect."

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